The RWA market is gaining momentum: Grvt expands its position in USDY by $100 million, and Coinbase opens a tokenization hub in Abu Dhabi.
The real-world asset (RWA) tokenization sector continues to demonstrate explosive growth, and recent developments vividly confirm this. Grvt, a hybrid CeDeFi platform combining elements of centralized and decentralized finance, has announced a strategic partnership with tokenized asset issuer Ondo Finance. Over the next twelve months, the exchange intends to grow its position in the tokenized product USDY to an impressive $100 million.
A key element of this deal is the integration of an annual percentage yield (APY) of 3.5% into the base rate of Grvt Earn. This means that platform users providing liquidity will earn passive income not only through existing mechanisms, such as the integration with Aave, but also through the U.S. Treasury bonds underlying USDY. In effect, we are witnessing traditional financial instruments becoming building blocks for high-yield DeFi products.
The scale of Grvt's ambitions becomes evident when looking at the numbers. According to data from the aggregator RWA.xyz, Ondo Finance's total assets under management (AUM) stand at approximately $2.59 billion. This capital is distributed across two flagship products: USDY, backed by short-term U.S. Treasuries and bank deposits, with $2.1 billion across eight networks, and OUSG, available only to qualified U.S. investors, with $500 million. Grvt's planned $100 million position is not just a major deal—it represents roughly 3.8% of the entire current USDY supply, making the exchange one of the largest holders of this asset.
This partnership is a striking marker of a broader trend. Tokenized Treasury bonds are no longer a niche investment product; they are becoming an infrastructure layer for the entire DeFi ecosystem. For Ondo Finance, this solves a long-standing distribution problem—the main bottleneck in scaling. Integration with a platform like Grvt allows for expanded reach without the need to enter the retail market directly.
Grvt, built on the ZKsync L2 solution, is no newcomer to raising capital. In September 2025, the platform closed a $19 million Series A round, and on July 30, 2026, it conducted the TGE of its GRVT token. This move into the RWA segment looks like a logical continuation of its strategy to build an institutional bridge into on-chain finance.
Coinbase Strengthens Its Position in the Middle East
At the same time, another industry giant, Coinbase, is betting on geographic expansion. On August 11, the company officially announced the opening of an international tokenization hub in Abu Dhabi. This became possible after obtaining a financial services license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market. The new entity will focus on offering digital securities backed by underlying equities.
This move is a direct reflection of growing demand from traditional financial institutions that are actively moving funds, bonds, and stocks onto blockchain rails. The technology promises to simplify round-the-clock transfer of securities, ensure instant settlement of transactions, and open new opportunities for using assets as collateral in on-chain markets. The new Abu Dhabi unit will operate in parallel with Coinbase's derivatives business in Dubai, giving the company two strategic footholds in the UAE for expansion beyond the U.S. market.
My take: Both events confirm that RWA is no longer an experiment but a full-fledged institutional trend. The Grvt and Ondo partnership is an example of how DeFi platforms use tokenized securities to enhance the appeal of their products. And Coinbase's move into Abu Dhabi is a clear signal that even the largest American players see the future beyond U.S. jurisdiction, where regulation is becoming increasingly friendly to digital assets.